KUALA LUMPUR: The FBM KLCI extended its gains in early trade on Wednesday, March 30 in line with the key regional markets after the firmer overnight close at Wall Street.
Also, US oil prices fell as an expected rise in US domestic crude stocks offset the impact from conflict in Libya and the Middle East, according to Reuters.
Several OPEC producers have boosted output recently to make up for supply disruptions in Libya as rebels fight government forces, it said.
The FBM KLCI added 5.05 points to 1,525.14 at mid-morning.
Gainers led losers by 370 to 158, while 208 counters traded unchanged. Volume was 571.12 million shares valued at RM423.36 million.
At the regional markets, Japan's Nikkei 225 rose 1.22% to 9,574.68, Hong Kong's Hang Seng Index added 0.73% to 23,228.78, the Shanghai Composite Index edged up 0.12% to 2,961.70, Taiwan's Taiex was up 0.68% to 8,655.37, South Korea's Kospi rose 0.51% to 2,082.62 and Singapore's Straits Times Index added 0.30% to 3,066.12.
BIMB Securities Research in a note March 30 said Wall Street managed to close in positive momentum yesterday as the dip in consumers' confidence was less than expected.
The investors initially thought that the rising gas prices would dent the consumers spending and hence, sentiment but the March reading showed the drop was only to 63.4 against 72-point level in February and hence, less than expected, it said.
This resulted in jubilant trading momentum where a significant benchmark index component rose positively, it said.
'Given that and added with the current ongoing positive momentum in the local market that managed to buck the regional trend yesterday, expect the local market to continue with its buying momentum.
'Also expect the regional market to mirror the Wall Street sentiment today after a mild sell off yesterday,' it said.
On Bursa Malaysia, the top gainer at mid-morning was DiGi that rose 48 sen; JT Inter added 34 sen to RM7.12, MBSB 24 sen to RM2.23, Nationwide 14.5 sen to 80.5 sen, Esso 13 sen to RM4.31, Pos 12 sen to RM3.53 while Sungei Bagan, Tan Chong, Aeon Credit and Coastal Contracts added 11 sen each to RM3.15, RM4.80, RM3.99 and RM3.06 respectively.
Perisai was the most actively traded counter with 34.6 million shares done. The stock added five sen to 86 sen.
Other actives included Leweko, DBE, Seal, Olympia, Scomi and Tanco.
Among the decliners, Nestle fell 38 sen to RM47, Aeon 17 sen to RM5.79, Jaya Tiasa and Ta Ann 15 sen each to RM6.41 and RM6.90, OFI 11 sen to RM1.53 while Cyberview and Petronas Dagangan shed 10 sen each to 48 sen and RM15.30.
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Also, US oil prices fell as an expected rise in US domestic crude stocks offset the impact from conflict in Libya and the Middle East, according to Reuters.
Several OPEC producers have boosted output recently to make up for supply disruptions in Libya as rebels fight government forces, it said.
The FBM KLCI added 5.05 points to 1,525.14 at mid-morning.
Gainers led losers by 370 to 158, while 208 counters traded unchanged. Volume was 571.12 million shares valued at RM423.36 million.
At the regional markets, Japan's Nikkei 225 rose 1.22% to 9,574.68, Hong Kong's Hang Seng Index added 0.73% to 23,228.78, the Shanghai Composite Index edged up 0.12% to 2,961.70, Taiwan's Taiex was up 0.68% to 8,655.37, South Korea's Kospi rose 0.51% to 2,082.62 and Singapore's Straits Times Index added 0.30% to 3,066.12.
BIMB Securities Research in a note March 30 said Wall Street managed to close in positive momentum yesterday as the dip in consumers' confidence was less than expected.
The investors initially thought that the rising gas prices would dent the consumers spending and hence, sentiment but the March reading showed the drop was only to 63.4 against 72-point level in February and hence, less than expected, it said.
This resulted in jubilant trading momentum where a significant benchmark index component rose positively, it said.
'Given that and added with the current ongoing positive momentum in the local market that managed to buck the regional trend yesterday, expect the local market to continue with its buying momentum.
'Also expect the regional market to mirror the Wall Street sentiment today after a mild sell off yesterday,' it said.
On Bursa Malaysia, the top gainer at mid-morning was DiGi that rose 48 sen; JT Inter added 34 sen to RM7.12, MBSB 24 sen to RM2.23, Nationwide 14.5 sen to 80.5 sen, Esso 13 sen to RM4.31, Pos 12 sen to RM3.53 while Sungei Bagan, Tan Chong, Aeon Credit and Coastal Contracts added 11 sen each to RM3.15, RM4.80, RM3.99 and RM3.06 respectively.
Perisai was the most actively traded counter with 34.6 million shares done. The stock added five sen to 86 sen.
Other actives included Leweko, DBE, Seal, Olympia, Scomi and Tanco.
Among the decliners, Nestle fell 38 sen to RM47, Aeon 17 sen to RM5.79, Jaya Tiasa and Ta Ann 15 sen each to RM6.41 and RM6.90, OFI 11 sen to RM1.53 while Cyberview and Petronas Dagangan shed 10 sen each to 48 sen and RM15.30.
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